After the Bell | January 30, 2023
Corn: March corn futures firmed 3/4 cent to $6.83 3/4. Corn futures finished near the middle of today’s trading range. Buyer interest faded during daytime trade after better gains overnight.
Soybeans: March soybeans rose 25 3/4 cents to $15.35 1/4, marking the highest close since Jan. 18. March meal futures surged $15.20 to $488.70, a new contract high, while March soyoil rose 70 points to 61.32 cents. Soybeans surged higher overnight, gapping up 6 3/4 cents from Friday’s close as Argentine weather concerns resurface along with heightened Chinese demand prospects following the week-long Lunar New Year holiday.
Wheat: March SRW wheat firmed 2 1/2 cents to $7.52 1/2. March HRW wheat gained 4 1/2 cents to $8.73 3/4. March HRS wheat settled unchanged for the day at $9.21 1/2. Wheat futures were supported by the bitterly cold temps that moved into the central U.S. late in the weekend and persisted today.
Cotton: March cotton fell 179 points to 85.10, marking the lowest close since Jan. 19. Cotton futures surged lower, extending Friday’s losses as crude oil futures pushed below $80.00 per barrel and the U.S. dollar index churned higher for the third straight session.
Cattle: February live cattle rose $2.025 to $158.75, while April live cattle hit a contract high and gained $2.525 at $163.35. March feeder cattle futures rose 45 cents to $183.915, nearer the session high and hit a two-week high. A winter storm and cold temperatures in the Plains states along with expectations for steady/higher cash cattle trade this week boosted the cattle futures markets today.
Hogs: February lean hog futures fell 72 1/2 cents to $75.15. April hogs rose 7 1/2 cents to $86.525 and finished near mid-range. Lean hog futures market bulls are working to forge a price bottom following the recent extended seasonal selloff.
